Grain > Commentary > 2-8-2024

2/8/2024

Feb 08, 2024

HUGE data dump today… CONAB, USDA WASDE, Weekly Export Sales, USDA Flash Sale… Soybeans held well despite the negative USDA report, trade appears to be buying into CONAB's story on the Brazil bean crop… Report was a snoozer for corn but did not provide any new negativity.
-USDA 8 a.m.: 200,000 tonnes of corn for delivery to Colombia in the 2023/24 marketing year
-CONAB: Brazil total soybean production at 149.4 mmt versus 154.61 in January, total corn at 113.7 versus 117.6 last month.
-USDA puts Brazil corn production at 124.32 versus 127.0 in January, total soybean at 153.17 versus 157.0 in Jan.
-U.S. Weekly Export Sales: Corn at the top end of the expected range with 1.219 mln tonnes (600k-1.3 mln tonnes expected).
-U.S. Weekly Export Sales: Soybean sales miss at 341k tonnes (400k-1.0 mln tonnes expected).

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